Exhibit No. 11. Statement re: Computation of Per Share Earnings for the six
months and three months ended June 30, 1996 and 1995 (in
thousands except per share data./(1)/
Six Months Ended Three Months Ended
June 30, June 30,
1996 1995 1996 1995
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Net income $768 $404 $449 $34
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Weighted average shares outstanding 3,155 3,311 3,134 3,311
Common stock equivalents due to dilutive
effect of stock options - - - -
Total weighted average common shares
and equivalents outstanding 3,155 3,311 3,134 3,311
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Primary earnings per share $0.24 $0.08 $0.14 $0.01
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Total weighted average common shares
and equivalents outstanding 3,155 3,311 3,134 3,311
Additional dilutive shares using the end
of period market value versus the
average market value when applying
the treasury stock method/(2)/ N/A N/A N/A N/A
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Total weighted average common shares
and equivalents outstanding for fully
diluted computation 3,155 3,311 3,134 3,311
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Fully diluted earnings per share $0.24 $0.08 $0.14 $0.01
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(1) The Company's common stock was issued February 14, 1995 in connection with
the conversion of Watsonville Federal Savings and Loan Association from
mutual to stock form. Net income and common shares outstanding for the
period from February 15, 1995 to March 31, 1995 were used to compute net
income per share for the six months ended June 30, 1995.
(2) Fully dilutive earnings per share do not result in dilution of three
percent or more or are anti-dilutive and are, therefore, not separately
presented in the consolidated statements of operations.